INTL FCStone Ltd's Global Payments Division Launches Financial Information Exchange Protocol for Cross-Border Payments Platform
FXecute is a proprietary global payments platform that allows GPD clients to execute payments in more than 175 countries and 140 currencies through the Company's global network of approximately 300 correspondent banks. The platform provides access to live currency rates and guarantees payment execution in local currency to the vast majority of countries within two business days. The Company has enhanced the platform through the addition of a financial information exchange (FIX) interface. The built-in FIX capability allows banks to receive foreign exchange pricing seamlessly and to transfer funds through a single comprehensive system, which enables GPD bank clients to instantaneously establish the true cost of a cross-border payment. Banks will now be able to price their own customers' transactions in exotic currencies in real-time and ensure that a fixed amount of local currency will be delivered, without exposing themselves to any price risk. The Company, which currently provides its cross-border payments platform to more than half of the top 10 banks in the world by total assets, plans to deploy the FIX-enabled platform to at least five additional bank customers within the next 12 months.
FIX functionality allows customers to view market rates for various currencies, execute and manage orders in real-time, and view the status of their payments through the easy-to-use FXecute portal. GPD now streams its currency pair rates on a real-time basis, ensuring that customers always have access to the most current information in order to streamline global payments and increase their efficiency. With the integration of FIX technology into FXecute, the Company is one of the first organizations to offer real-time rates for exotic currencies, enhancing the already strong market access, live currency rate information, and order management tools, strengthening its position as the premier provider of global payments solutions for the developing world.
Hils concluded, "The integration of FIX into our FXecute platform solidifies our industry leadership in the global payments space, as we are now able to provide more streamlined execution services. Our global team is available 24 hours a day to support customers using the platform and to simplify the onboarding process, as well as to liaise with local correspondent banks and regulators to ensure seamless payments in exotic currencies. We look forward to deploying our FXecute platform for additional bank customers over the coming months, and to upgrading our offering for our existing bank clients."
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